More Electric Aircraft Market Major Key Players, Growth Drivers And Leading Regions Updates Untill 2033
Posted by Sushmitha on May 1st, 2024
Overview and Scope
A more electric aircraft is an aircraft that employs a greater proportion of electrical secondary power than a legacy or traditional aircraft. Electric motors generate electricity more efficiently than combustion of fossil fuels in an aviation engine.
Sizing and Forecast
The more electric aircraft market size has grown rapidly in recent years. It will grow from .86 billion in 2024 to .27 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. The growth in the historic period can be attributed to fuel efficiency demands, environmental regulations, advancements in power electronics, reduction in maintenance costs, enhanced aircraft performance, increased reliability and redundancy..
The more electric aircraft market size is expected to see rapid growth in the next few years. It will grow to .5 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%. The growth in the forecast period can be attributed to adoption of distributed electric propulsion, advancements in energy storage systems, integration of sustainable aviation fuels, investment in electric propulsion research, global efforts to combat climate change, government incentives for electrification.. Major trends in the forecast period include integrated modular avionics (ima), electrified flight control systems, increased use of electric brakes, innovations in power generation, integration of distributed electric propulsion, collaborations for research and development..
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Segmentation & Regional Insights
The more electric aircraft market covered in this report is segmented –
1) By Type: Fixed Wing, Rotary Wing, Hybrid Wing
2) By Aircraft System: Propulsion System, Airframe System
3) By Application: Power Generation, Power Distribution, Power Conversion, Energy Storage
4) By End User: Civil, Military
Europe was the largest region in the more electric aircraft market in 2024. The regions covered in the more electric aircraft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increase air passenger traffic is expected to propel the growth of the more electric aircraft market going forward. Air passenger traffic refers to the number of passengers in an aircraft. More electric aircraft are used to carry commercial and business passengers with advanced features such as computer-controlled, electrically driven propellers. For instance, according to the International Air Transport Association (IATA), a Canada-based trade association of the world's airlines, overall air traveler numbers will reach 4.0 billion in 2024, exceeding pre-COVID-19 levels by 103%. Therefore, the rise in air passenger traffic is driving the growth of the more electric aircraft market.
Key Industry Players
Major companies operating in the more electric aircraft market report are AMETEK Inc., BAE Systems plc, Bombardier Inc., Elbit Systems Ltd., GE Aviation, Honeywell International Inc., Raytheon Technologies Corporation, Rolls-Royce Holdings plc, Safran Group, Thales Group, Boeing, Airbus S.A.S, Lockheed Martin, Parker-Hannifin Corp., Eaton, Ampaire, Bye Aerospace, Dixion Motors Inc., Dufour Aerospace, Electric Aircraft Corporation, Embraer SA, Eviation Alice, Faradair, Joby Aviation, Longanair Ltd., Magnix, Pipistrel USA, Siemens, Wright Electric, Zunum Aero, AeroTEC
The more electric aircraft market report table of contents includes:
1. Executive Summary
2. More Electric Aircraft Market Characteristics
3. More Electric Aircraft Market Trends And Strategies
4. More Electric Aircraft Market - Macro Economic Scenario
5. Global More Electric Aircraft Market Size and Growth
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31. Global More Electric Aircraft Market Competitive Benchmarking
32. Global More Electric Aircraft Market Competitive Dashboard
33. Key Mergers And Acquisitions In The More Electric Aircraft Market
34. More Electric Aircraft Market Future Outlook and Potential Analysis
35. Appendix
